SAIL, ONGC, IOC, NTPC likely to get Maharatna tag in 10 days

Four public sector giants -- Oil and Natural Gas Corp, Steel Authority of India Ltd, Indian Oil Corp and NTPC -- are likely to get in next ten days the coveted Maharatna status, which will empower the PSUs with greater autonomy, a top government official said today.

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PTI

New Delhi

January 30, 2010

UPDATED: January 30, 2010 15:16 IST

Four public sector giants -- Oil and Natural Gas Corp, Steel Authority of India Ltd, Indian Oil Corp and NTPC -- are likely to get in next ten days the coveted Maharatna status, which will empower the PSUs with greater autonomy, a top government official said on Saturday.

"We hope to confer Maharatna status in about 10 days ...as of now four appear to be there," the Secretary, Department of Public Enterprises, Bhaskar Chatterjee told reporters on the sidelines of a CII summit here.

Asked if SAIL, ONGC, and NTPC are likely to make the cut to be in the Maharatna category, he said, "Yes, these are there and also Indian Oil Corporation."

Under the new status, PSUs will get more autonomy and can take investment decisions up to Rs 5,000 crore without the government approval against the present limit of Rs 1,000 crore.

Of the 18 Navaratnas, firms like SAIL, ONGC and NTPC met the stiff government criteria, including a three-year track record of annual net profit of over Rs 5,000 crore, net worth of Rs 15,000 crore and turnover of Rs 25,000 crore, besides being listed entities on the bourses.

At present, top performing CPSUs are accorded the Navaratna status while there is no Maharatna firm.

When asked if a scrutiny committee to accord the status to companies would be set up, Chatterjee said as of now such panel has not been constituted. "But even if the committee is set up it is only one day's job," he added.

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